Ethereum News: SharpLink Gaming Boosts ETH Treasury, SBET Stock Reacts

Key Insights:

• Ethereum news of SharpLink Gaming purchasing additional 143,593 ETH took over market recently.
• SBET stock price slipped more than 3% to $19.27 amid ETH selloffs and raising funds through equity sales.
• Ethereum price fell more than 2% and risks dropping to $4,000.

SharpLink Gaming on Tuesday said it added 143,593 ETH worth $667.42 million to its Ethereum treasury. After the latest purchase, Ethereum founder Joseph Lubin-backed firm raised the total Ethereum holdings to 740,760 ETH valued at nearly $3.2 billion.

At the time of writing, SBET stock price slipped nearly 0.86% in pre-market trading hours and 3% after market open.

SharpLink Gaming Acquires an Additional $667 Million in ETH, recent Ethereum News Showed

Nasdaq-listed SharpLink Gaming purchased an additional 143,593 ETH at an average price of $4,648, according to an official announcement on August 19.

The Ethereum treasury company raised $146.5 million through the at-the-market (ATM) facility between August 10-17. Also, it raised $390.0 million through a registered direct offering in the week until August 15.

Joseph Lubin-backed company also reported 1,388 ETH in net ETH staking rewards, with ETH concentration rising to 94% to 3.87 since adopting the Ethereum treasury strategy on June 2.

The company still holds over $84 million in cash to buy more Ethereum. With the latest ETH buy, the company has increased its Total ETH holdings to 740,760 ETH.

Chairman Joseph Lubin said all applications will work on or connect to decentralized protocol rails over the next 10 years, with Ethereum at the forefront of this trend. SharpLink gives its investors the best way to capitalize on it, he added.

SharpLink plans to hold 1 million ETH, while continuing staking and creating value for its shareholders.

Ethereum News: SBET Stock Price Slips

At the time of writing ethereum news updates seemed bearish as SBET stock price fell nearly 3% to $19.27. This happened in response to the firm’s plan to raise more funds from selling stocks.

Moreover, the $103 million in quarterly loss weighed on investor sentiment. The largest part of the loss was from an $87.8 million impairment charge related to liquid staked ETH.

SharpLink stock closed 1.36% higher at $20.12 on Monday. The stock price has dropped almost 30% in a month, erasing the year-to-date rally to 162%, as per Yahoo Finance.

However, analyst Donald Dean set SharpLink Gaming price target to 39.08, $41.40, and $49.17 based on a descending wedge pattern. He added that the stock continues to consolidate at the volume shelf, which often leads to a breakout.

Ethereum Price Rally Hinges on Buying by ETH Treasuries

Matrixport revealed that spot Ethereum ETF inflows became largely fueled by demand from Ethereum treasury companies. Also, sustained buying by treasury companies is crucial top support further ETH price rise.

Ethereum treasury firms acquire, stake, and restake ETH to help maintain the Ethereum ecosystem’s health, while removing ETH from the circulating supply.

Ethereum price must defend the $4,180 level to prevent further fall amid massive profit booking. Also, The Coin Republic accurately predicted a fall in ETH price below $4,200 when ETH was trading near $4,700.

At the time of writing, Ethereum price fell more than 2% to $4,211 in the past 24 hours. The intraday low and high were $4,198 and $4,388, respectively.

Furthermore, trading volume slipped by almost 20% in the last 24 hours, indicating a significant decline in interest among traders.